August Housing prices in the greater Flagstaff area rose 6% from a year ago with the median sale price coming in at $404K, setting a new monthly price high for August. It is however, down from July when the median sale price was $446K. The average price paid per-square-foot was $233 which is also a new high and up from July’s psf of $225. Housing sales rose 17% from the same period last year. There were 134 houses sold in August, the most in 14 years. A big contributor to the strength in our real estate market are mortgage rates which recently hit a 3-year low. Currently a 30-year fixed rate mortgage can be had at 3.5% with no points. Presently there are 146 houses available for purchase in the Flagstaff City limits with the median asking price at $446K. Until next month here for any & all of your real estate needs.
July housing prices in the greater Flagstaff region hit another new high, with the median sale price coming in at $445K. This is up 16% from July ’18. The total housing sales number for the month was 145, up 28% from a year ago. This is the most sales we’ve had in July, in 14 years. In July of 2005 there were 152 sales but back then the median sale price was only $329K. If you do the math, you’ll see that a lot more money was spent this July. The average price paid per-square-foot this July was $224 which is not quite the high, that being $227psf in ’06. Helping boost sales and prices are lower mortgage rates. A 30-year fixed rate mortgage is now at 3.375% with no points. This is down 3/8th of a point from last month. Inventory levels have risen. There are currently 198 houses available for sale within the Flagstaff City limits with the median asking price of $510K. Until next month, here for any & all of your real estate needs.
October housing prices in the greater Flagstaff region rose 3.5% with the median sale price coming in at $390K which is a record high for the month of October. The previous high was set back in October of 2006 when the median sale price was $387K. Housing sales however declined for the fourth consecutive month. This October there were 109 sales, off 11% from the same month a year ago. After starting off red hot in the first half of the year, housing sales for the second half of the year are down 15% reflecting the dramatic rise in mortgage rates which hit a 7-year high. Rates have now pulled back a little bit, with a 30-year fixed rate at 4.625% with no points. Happy Thanksgiving everyone. Until next month here for any & all of your real estate needs.